Thomas Grebel, Horst Hanusch, Esther Merey
Schumpeterian Dynamics and Financial Market Anomalies
Abstract:
In
this paper we try to put together both the dynamics of the endogenous
evolution
of an industry and the corresponding dynamics on the capital market.
The first
module of our modelling efforts is the endogenous evolution of the
industry
based on the micro-behaviour of boundedly rational agents. They strive
to
undertake entrepreneurial actions and found new firms. Thereby, the
role of
knowledge diffusion is emphasized. The second module, the capital
market
module, will also be represented by boundedly rational agents. They
read the
data of the real side of the economy – induced by the real economy
module –
interact with other investors and eventually derive their investment
decisions.
The cognitive process will be modelled using a neural network approach.
JEL: O3,
M13,
G11, D84
Paper:
Paper available as pdf-file.
Beitrag Nr. 264, Volkswirtschaftliche Diskussionsreihe, Institut
für Volkswirtschaftslehre der Universität Augsburg
Contact:
Thomas
Grebel, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
E-Mail: thomas.grebel@wiwi.uni-augsburg.de
Horst
Hanusch, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
E-Mail: horst.hanusch@wiwi.uni-augsburg.de
Ester Merey, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
v.
K., 21.05.2004